Shipping Rates Surge Due to Geopolitical Disruptions and Increased Volume

Reported 9 months ago

The Drewry World Container Index reveals that 40-foot shipping container costs have risen over 250% from last year, with recent violence in the Red Sea leading to higher shipping rates as vessels opt for safer, longer routes. Factors such as heightened import volumes, geopolitical disruptions forcing longer routes, and powerful shipping container lines managing prices post-COVID contribute to the surge in shipping rates. FreightWaves' Craig Fuller discusses the impact on global trade, highlighting increased pricing power of shipping companies and potential disruptions from dock worker strikes in the US.

Source: YAHOO

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